Jones Partners consultant Alan Topp. Coming before certain judges with less than fulsome explanations as to why fees and costs are justified is a zero sum game, as certain parties found out when NSW Supreme court judge Ashley Black was asked to rule on a dispute over amounts to be deducted from the proceeds of sale of land in Sydney’s west. “I do not accept…
O’Brien Palmer’s Liam Bailey. Hogan Sprowles Michael Hogan. A certain Sydney insolvency practitioner must be rueing the day he agreed to introduce Scott Keith McCorkell to a business valuer. Or is the day the liquidator’s referrer introduced him to the Mosman ad man the penultimate moment of regret? ” … while the BSA “appears to be “supported” by the Valuation …. there are a number…
KordaMentha partner Rahul Goyal. KordaMentha partner Jenny Nettleton. The Deputy Commissioner of Taxation’s (DCoT’s) dogged interest in the moving minds behind Marrickville gold refiner Pallion Group took another turn this week with the Federal Court making orders appointing special purpose liquidators (SPLs) to ACN 607 537 548 Pty Ltd (ABCRA1). The intervention means KordaMentha partners Rahul Goyal and Jennifer Nettleton will now undertake investigatory matters…
McGrathNicol’s Rob Brauer. Hall Chadwick’s Richard Albarran. Insolvency practitioners at Hall Chadwick are enmeshed in at least two fee fights at present and the common denominator in both is Sydney practice head Richard Albarran. iNO readers will be familiar with the travails being experienced by Albarran and outgoing Melbourne partner Richard Lawrence in respect of work they did on Tauro Capital (Tauro), an appointment they…
Hogan Sprowles partner Michael Hogan. They may have recommended a dog of DoCA and been punted as a consequence but two Sydney practitioners are lucky they don’t have more wounds to lick. On Monday, NSW Supreme Court judge Ashley Black made costs orders in respect of Minle Wine Negociants of Australia Pty Ltd (Minle) after last week terminating a deed of company arrangement (DoCA) and…
PKF partner Simon Thorn. A NSW Supreme Court decision has visited total defeat upon liquidator Simon Thorn almost two years after a Local Court magistrate delivered him victory. In BounceLED Pty Ltd v Clear Skies Corp Pty Ltd (in liq) (No 2) [2023] NSWSC 810 judge Mark Richmond yesterday ruled that not only should Thorn pay BounceLED Pty Ltd’s (BounceLED) costs on the ordinary basis…
Richard Auricht South Australian liquidator Richard Auricht could be off to the Administrative Appeals Tribunal (AAT) after a Schedule 2 disciplinary committee ruled that his registration be cancelled. In accordance with the committee’s ruling ASIC published the decision with reasons yesterday. See: https://download.asic.gov.au/media/gacn0ghu/20230626-richard-auricht-report-final.pdf “It is not the basis upon which the fees were incurred, or the entitlement to being paid that ASIC believes makes Mr…
Grant Thornton’s Phil Campbell-Wilson. Worrells’ Christopher Darin. For some time two sets of practitioners have been tooing and frooing in respect of $20 million, claimed by one lot of liquidators in a winding up administered by another lot. Schemes of arrangement have been proposed then abandoned. Deeds of company arrangement (DoCA) likewise, and in the absence of a resolution from either of these trusted mechanisms,…
Olvera Advisors Neil Cussen. AL Restructuring founder Andre Lakomy. As we pass into the new financial year iNO can update readers in respect of our recent reporting of ructions in the Sydney offices of Cor Cordis. As of this week it appears the Sussex Street headquarters of the national firm helmed from Melbourne by Cor Cordis managing partner Bruno Secatore has lost four registered liquidators,…
Woodgate & Co’s Giles Woodgate. After six months on light duties those individuals called upon to consider the allegations of misconduct that ASIC routinely levels against registered liquidators suddenly have a full in-tray. “The committee must decide within 45 business days after interviewing you whether or not you should be registered as a liquidator: s20-20(3)”. ASIC Regulatory Guide 258. Last week Sydney liquidator Giles Woodgate’s…